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The NBA is giving each organization $ 30 million to help with the financial consequences associated with the Coronavirus pandemic, according to John Lombardo of Sports Business Journal.
The league raised $ 900 million through a private placement market, and it expects all 30 teams to return the allocated money with interest within three to four years.
With the 2020-2021 season on the horizon, this influx of cash should come in handy for teams as state and local restrictions prevent sold-out stadiums that would normally generate millions in revenue from food, beverage and merchandise sales.
Adrian Wojnarowski and Zach Lowe from ESPN they have projected that the NBA will lose about 40 percent of its total revenue if the league plays games for an entire season without fan attendance.
The San Antonio Spurs announced their intentions to host games at an empty AT&T Center to start the season last Friday, targeting a New Year’s Day showdown with the Lakers to welcome fans to the stands in limited capacity.
